NAI Realvest negotiates new Lease of 7,500 SF for Massey Services’ Orange City, FL Office

ORANGE CITY, Fla. – NAI Realvest recently negotiated a lease agreement for 7,500 square feet of office/warehouse space at 830 South Volusia Ave. in Orange City.  

Michael Heidrich (top right photo), principal at NAI Realvest, based in Maitland,  brokered the transaction on behalf of landlord John T. Mahoney of Winter Park.

The new tenant is Orlando-based Massey Services, Inc. who relocated its Orange City offices from another nearby industrial facility in the area.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheicrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan or Larry Vershel, LV Communications, 407-644-4142 Lvershelco@aol.com

Incentive Properties, Inc. opens offices in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL --- Incentive Properties, Inc. has opened new offices at 445 Douglas Ave. Suite 2205-D  in Altamonte Springs.

 Joseph Schwartz (left) and Andy Katzman (right), partners and principals at Incentive Properties, said the firm helps investors acquire real estate properties.

 “Our focus is to help investors obtain a 15 percent return on their real estate properties,” Schwartz said.

The firm has been in business a little over a year and, according to Schwartz, has more than 30 working portfolios now and adding more and more on a daily basis.

 For more information, contact:

Winston Schwartz, President, Winston-James Development, Inc. 933 Beville Rd., South Daytona, FL  32119; PH: 386-760-2555

Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Value, Accountability are Keys to Success in Professional Consulting Practice WeinPlus’s Rachel Elias Wein Tells MArch Candidates

ST. PETERSBURG, FL --- Value and accountability are the most important keys to a successful professional practice, according to Rachel Elias Wein (top right photo), founder and principal of WeinPlus Real Estate Advisory Services in St. Petersburg.

Wein, who addressed students in the Masters in Architecture program at the University of Florida (middle left photo) recently, said the economic downturn has increased demand for these metrics in all segments of professional consulting.

“Value and accountability are objective measures and successful professionals demonstrate and document those measures to their clients in ways the clients can grasp enthusiastically,” Wein said.

“Professional consultants typically view a project in ways managers don’t,” Wein told the group.

“There is always a temptation for consultants to perpetuate a problem — as the problem exists the consultant still has work to do and fees to bill. That perspective has negative consequences for the individual and the profession. Clients won’t want to hire you and colleagues won’t want to work with you,” Wein said.

“You’re not here to sell your services,” Wein said. “You’re here to help your clients succeed.”

Wein, whose professional credentials include Masters Degrees in both architecture and real estate, said successful consultants today can document the value of their contribution toward a project.

“When I do project planning, I aim to generate a return of 10 to 15 times my fees for the client.    If that sort of return is not feasible — if I can’t generate 10 to 15 times the profits a client is paying for — we’ll stop,” she said.

For more information, contact

Rachel Elias Wein, AIA, Principal, WeinPlus, 727-386-9346, www.weinplusassociates.com

Larry Vershel, Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

HFF secures $56 million refinancing for student housing community near San Diego State University

SAN DIEGO, CA – HFF announced today that it has secured a $56 million refinancing for Sterling Collwood (top centered photo), a 260-unit, Class AA student housing community near San Diego State University (SDSU) (top right photo) in San Diego, California.

Working exclusively on behalf of AIG Global Real Estate Investment Corp., HFF placed the seven- year, 4.57 percent fixed-rate loan with M&T (FNMA).  Loan proceeds are refinancing an existing construction loan.

Completed in 2010, Sterling Collwood has three residential buildings with studio, two- and four-bedroom furnished and unfurnished units averaging just over 1,400 square feet each. 

The property is the first “LEED-Gold certified asset” in San Diego and is one of the newest and only major developments built in the immediate college area in the past 20 years.

 Community amenities include a resort-style pool, fitness center, on-site bicycle storage and shuttle service to and from SDSU.  The 99 percent leased property is situated on nearly seven acres at 4249 and 4949 Collwood Boulevard less than one mile from campus. 

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle left photo) and associate directors Zach Koucos (lower right photo) and Zack Holderman (lower left photo)  

“Demand for off campus housing is about 15,000 units more than what the local area is currently providing, thus positioning Sterling Collwood for long-term success,” said Koucos.

AIG Global Real Estate Investment Corp. is a wholly owned subsidiary of AIG, Inc

Contacts:                    

MATTHEW SCHOENFELDT              ZACHARY KOUCOS                          

HFF Managing Director                       HFF Associate Director                

(312) 528-3650                                    (858) 812-2351                               

mschoenfeldt@hfflp.com                     zkoucos@hfflp.com                        

KRISTEN MURPHY

 HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Industry veteran Martin McDermott joins Avison Young in Los Angeles

LOS ANGELES, Jan. 24, 2012 /PRNewswire/ - Neil Resnick (lower left photo), Avison Young Principal and Managing Director of the company's West Los Angeles office, announced today that commercial real estate broker Martin McDermott (top right photo) has joined Avison Young'sbrokerage operations in Los Angeles.

Effective immediately, McDermott joins Avison Young as a Principal. Based in the company's West Los Angeles office, he will continue to focus on office and retail property transactions while also helping to further Avison Young's expansion in Los Angeles and Southern California.

"The addition of Martin McDermott to the West Los Angeles office of Avison Young adds a great new dimension and depth to our broker ranks. His background in identifying creative opportunities for his users is uncanny and has allowed him to gain a reputation of being an innovative problem-solver," comments Resnick.

McDermott brings diverse professional experience to his new role. Prior to joining Avison Young, he served as Vice-President of Transaction Services at Grubb & Ellis Company for nine years. In 2009 and 2011, he was ranked number one in sales in Grubb & Ellis' West Los Angeles office, and also gained a top-10 standing in 2007 and 2008.

Contact: Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959

Web Site: http://www.specialneedsgroup.com

Gaedeke Group Unleashing New Force at Darth Vader Building in West Palm Beach, FL

 Owner investing $500,000 to Develop  Force Fitness Center

WEST PALM BEACH, FL – The iconic Northbridge Centre, aka the Darth Vader Building (top left photo), will soon become a dynamic force for downtown tenants and the general public to fulfill their quests to stay fit.

Gaedeke Group LLC will invest more than $500,000 to build out and equip ground-floor space in the property's four-story pavilion as a new amenity for the marketplace.

The 5,700-sf Northbridge Fitness Center is part of the Dallas-based owner's 2012 strategy for its downtown landmark, which is located just steps from the Palm Beach County Judicial Center and boasts unobstructed upper-floor views of the Atlantic Ocean and Intracoastal Waterway.

 Also, the owner's initiatives include seeking LEED certification from the U.S. Green Building Council for the Energy Star-rated, 239,233-sf high rise and 49,000-sf pavilion at 515 N. Flagler Dr.

Kirk Fetter (top right photo), Gaedeke's vice president of leasing, admits it was tempting to brand the new amenity as "Force Fitness" in keeping with Darth Vader imagery. But, tradition prevailed:  it will be christened Northbridge Fitness Center.

The new fitness center will include full shower facilities, locker rooms and dedicated space for massage therapy, aerobics, Pilates and Yoga. Also, the plan calls for on-site fitness pros and state-of-the-art cardio equipment, free weights, treadmills, rowing machines and elliptical trainers.  Construction is slated to get under way in 30 to 45 days.

 "We think there's a need for a high-end facility in the downtown market," Fetter says.

Northbridge Centre's new amenity effectively primes the balance of the vacant pavilion's class A space for medical office uses, including sports- and fitness-related specialists who will be within a half-mile of Good Samaritan Hospital.

Northbridge Fitness Center will open in late spring. The facility will be card key-accessible seven days a week.

Skinned in black glass and black metal, the 21-story Northbridge Centre was dubbed the "Darth Vader Building" in 1983 because its north face silhouette closely resembles the imposing helmet of the fearless Star Wars character.

Some owners might wince at the connection, but not Gaedeke Group, which last spring decided to ensure the nickname would remain part of the building's allure with a tongue-in-cheek video.

 Watch it at www.youtube.com/user/gaedekegroup/videos.

Contact:  Kirk Fetter, 561-515-7407

CalPERS Board Re-Elects Rob Feckner President and George Diehr Vice President

 MONTEREY, CA – The California Public Employees’ Retirement System (CalPERS) Board of Administration  unanimously re-elected Rob Feckner (top right photo) as Board president and George Diehr (top left photo) as vice president for 2012 during the Pension Fund’s annual winter offsite Board meeting.

Terms for the president and vice president are one calendar year. Feckner is serving his eighth term as president and Diehr is serving his fifth term as vice president.

CalPERS also announced that its investment portfolio earned a small, but positive 1.1 percent return for the 12-month period ended December 31, 2011.

Feckner is elected to the CalPERS Board by the Pension Fund’s school members. He was first elected in 1998. In addition to being Board president, Feckner chairs the Board’s Governance committee, is vice chair of the Benefits and Program Administration committee, and is a member of the Investment, Health Benefits, and Ad Hoc Risk Management committees.

Diehr, who is elected by State employees, including employees of the California State University system, was first elected to the CalPERS Board in 2002. In addition to serving as vice president, he chairs the Investment and the Benefits and Program Administration Committees, and is vice chair of the Board’s Governance committee.

According to CalPERS investment staff, due to the high volatility of global equity markets in 2011 (caused in large part by the ongoing Euro debt crisis and the slowing of global economic growth) the Fund experienced a 7.9 percent loss in its public equity asset classes. CalPERS U.S. equity portfolio lost .03 percent, while its international equity assets declined 13.9 percent.

All other CalPERS asset classes had positive returns. CalPERS private equity and fixed income investments both earned a 12.4 percent return. Real estate investments returned nearly 10 percent, while inflation linked assets earned 8.4 percent.

CalPERS 1.1 percent return beat the Pension Fund’s policy benchmark – the return expected from CalPERS asset allocation mix – by 0.2 percent.

“We’ve been saying for a long time that we’re facing a challenging investing environment,” said Joseph Dear (middle right photo), CalPERS Chief Investment Officer. “The shock waves of the last year in particular created a crisis of confidence that’s still impacting all investors.

“At the same time, the volatility can provide us with real opportunities, and we have the size and liquidity to take advantage of those opportunities. I am confident that we have the right strategy in place to achieve our investment goals over the long term.”

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Alamo Drafthouse Announces New Franchise Partner Cojeaux Cinemas

AUSTIN, TX /PRNewswire/ -- Alamo Drafthouse Cinemas is pleased to announce plans to expand locations in the Washington D.C. metro and surrounding areas with new franchise partner Cojeaux Cinemas. 

The first location being opened by Cojeaux Cinemas is Alamo Ashburn in One Loudoun, located in Loudoun County, Virginia.

.  Alamo Drafthouse signed a development agreement with Cojeaux Cinemas in August 2011 that includes Washington D.C. and the surrounding market areas in Virginia and Maryland.  Cojeaux Cinemas is currently pursuing additional locations to expand the presence of Alamo Drafthouse Cinema within Washington D.C. proper and the surrounding metropolitan areas over the next five years. 

Cojeaux Cinemas is made up of President Anthony Coco, Executive Vice President Joseph Edwards and partners Roy Spence, Judy Trabuls, Mary Spence and Shay Spence.  The advisory board members include Rusty Coco and Tara Coco.

Anthony Coco, Joseph Edwards and Russell Coco come from Deli Management, Inc., the company that operates 230 Jason's Deli branded restaurants throughout the United States. 

Contact:  Brandy Fons, (310) 809-8882, brandy@fonspr.com

Jones Lang LaSalle Awarded Leasing of 1.1M-SF Safari Business Center in Ontario, CA

 ONTARIO, CA,  Jan. 23, 2012 – Jones Lang LaSalle has been awarded the leasing for Safari Business Center (top left photo), a 16-building, 1,138,219-square-foot business park in Ontario, Calif. The premier industrial complex has immediate availability for users ranging from 5,000 to 57,440 square feet. 

Leading the leasing efforts for the property are Jones Lang LaSalle Vice President Jeff Bellitti (middle right photo) and Associate Jordan Quinn.

“Jones Lang LaSalle was selected for this assignment because of its deep understanding of the Inland Empire industrial market,” said Quinn.  “Safari Business Center is ideal for companies seeking a superior building in an excellent location.”

Jones Lang LaSalle was hired by the asset manager, American Realty Advisors, on behalf of the landlord.

Strategically located in the heart of the Inland Empire, Safari Business Center offers close proximity to the I-10, I-15 and SR-60 freeways as well as rail lines and airports including the Ontario International Airport. (lower left photo) 

Safari Business Center features 30’ minimum warehouse clearance; truck-well and ground-level loading with ample truck staging and maneuverability; loading dock doors with automatic levelers; and .45 or .60 GPM/3,000 sprinkler system.

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx.

Contact:

David Ebeling

Ebeling Communications

(p) 949.861.8351

(c) 949.278.7851

david@ebelingcomm.com

HFF arranges $5.1 million financing for southwest Austin, TX retail center

                                        

DALLAS, TX – HFF announced today that it has arranged $5.1 million in first lien financing for the refinance of Southcross Plaza (top left photo), a 34,051-square-foot retail center in Austin, Texas. 

HFF worked exclusively on behalf of Cencor Realty Services to secure the five-year, 4.85 percent, fixed-rate loan through First National Bank & Trust of McAlester.  The loan’s interest rate will reset at the end of year five for an additional five years.

Southcross Plaza is located at 3601 West William Cannon Drive across the street from H-E-B in southwest Austin.  Completed in 1999, the property is fully leased to several tenants including State Farm Insurance, Thundercloud Subs and Texas State Optical.

The HFF team representing Cencor Realty Services was led by director Travis Anderson (middle right photo). 

Cencor Realty Services was founded in 1989 as a full-service commercial real estate company specializing in property management, asset management, development and construction services.

 The company has grown from managing five million square feet of space in 1989 to managing a portfolio of more than 20.4 million square feet today.  Cencor is one of the largest retail property management companies based in Texas with space under management throughout Texas’ major market areas in Dallas, Fort Worth, Austin, Houston and San Antonio.

                 

Contact:

TRAVIS ANDERSON                  KRISTEN MURPHY

HFF Director                                HFF Associate Director, Marketing

(214) 265-0880                            (713) 852-3500

tanderson@hfflp.com                   krmurphy@hfflp.com

HFF hires James Fowler as managing director in its Orange County, CA office

 IRVINE, CA – HFF announced today that it has hired James Fowler as a managing director in its Orange County office. 

Mr. Fowler will focus on debt placement and structured finance transactions for properties throughout Southern California.  .

 Prior to joining HFF, Mr. Fowler was the principal and founder of US Realty Capital, a nationwide commercial real estate financial intermediary.

“James’ strategic skills and extensive industry experience as well as his unwavering commitment to both excellence and integrity with regard to client satisfaction will be an asset to the west coast debt placement team  and we are excited to welcome him to HFF,” said Kevin MacKenzie (top right photo), senior managing director and co-head of HFF’s Orange County office.

Contacts:  

KEVIN MACKENZIE                                     

HFF Senior Managing Director               

(949) 253-8800                                        

kmackenzie@hfflp.com                             

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Sale of large Class A central New Jersey multi-housing community closed by HFF

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Ravens Crest (top left photo), a 704-unit, Class A multi-housing community in Plainsboro, New Jersey.

HFF marketed the asset on behalf of the seller, Equity Residential.  The purchaser is an affiliate of Chicago-based, Heitman LLC.   

Ravens Crest is located at 3217 Ravenscrest Drive close to Interstate 95/The New Jersey Turnpike and Princeton in central New Jersey, equidistant to Philadelphia and New York City.  The property has one- and two-bedroom units and features a swimming pool and tennis court.  Occupancy is more than 95 percent.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz (top right photo) and Andrew Scandalios (lower left photo), and directors Kevin O’Hearn and Jeffrey Julien.

“Raven represents one of the top assets in the central New Jersey market and the sale represents one of the largest apartment transactions in New Jersey over the past two years.  EQR timed this sale perfectly to coincide with a high demand for multi-housing in this market,” said Cruz.  “The buyer will be able to capitalize on future rent growth over the next several years.”

“This is the fourth multi-housing asset that HFF has completed in the Plainsboro market.  The firm has sold more than $350 million over the last 12 months in the municipality.  Overall, the New York and New Jersey offices of HFF have sold more than $1 billion of multi-housing properties in the last 18 months in the tri-state area,” added Cruz.

Equity Residential (NYSE: EQR) is an S&P 500 company, over 4,000 employees strong, that owns, develops and operates more than 400 high-quality apartment properties in top U.S. growth markets.

Contacts:  

                   

JOSE R. CRUZ                                    ANDREW G. SCANDALIOS          

HFF Senior Managing Director          HFF Senior Managing Director      

(973) 549-2000                                     (212) 245-2425                               

jcruz@hfflp.com                                    ascandalios@hfflp.com                    

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Stan Johnson Co. completes sale of two FedEx properties in Michigan

 Tulsa, OK, Jan. 23, 2012 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of two distribution facilities, 100% leased to FedEx Corporation, located in suburban Detroit and in Kalamazoo, Michigan.  The combined sale price was $7.85 million.

Craig Tomlinson (top right photo) and John Zimmerman (lower left photo) of Stan Johnson Company represented both parties, who are private individuals. 

“The lack of new builds in the single-tenant space is driving buyers to shorter and shorter leases,” said Tomlinson. “While both are sub 10-year leases, the buyer is very satisfied with the long-term prospects of keeping his tenant. 

The seller did a great job timing the market, having recently exercised lease extensions on both buildings,” said Zimmerman.

Contact:      

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

PCCP LLC Provides $16 Million Senior Loan to Recapitalize University Mall in Chapel Hill, NC

  

NEW YORK, NY, Jan. 23, 2012 - PCCP, LLC announced today it has provided a $16 million senior loan to recapitalize University Mall (top left photo) in Chapel Hill, NC on behalf of the owner, Madison Marquette, a retail real estate investor and operator.

Built in 1973 and renovated in 2008, University Mall is a 367,623 square foot enclosed shopping mall on 39.5 acres. The center is approximately 89 percent leased and anchored by Dillard’s, Rose’s, Harris Teeter, and A Southern Season.

Madison Marquette purchased the mall in 2007 and has since invested approximately $3.4 million in interior and exterior renovations as part of its repositioning strategy for the asset.

The business plan is to undertake a series of physical, merchandising and programming enhancements intended to position the center as Chapel Hill’s primary shopping and entertainment destination, a focal point of community and cultural activity, and a venue that reflects the unique character of this highly educated community. 

Recent leasing activity will provide for the $9 million expansion and conversion of an existing Harris Teeter Supermarket into the grocer’s flagship store concept, and the addition of the Chapel Hill Library.

“Madison Marquette is a premier national real estate investment and operating company that specializes in the development, redevelopment and repositioning of retail and mixed use properties,” said John Randall (top right photo), senior vice president with PCCP, LLC.

In addition to PCCP’s senior loan, Jay Lask (middle left photo), managing director of Madison Marquette, has indicated the company plans to invest another $7.5 million in capital to continue to execute its repositioning and value enhancement strategy. 

Says Lask: “University Mall benefits from serving a community with high barriers to entry, a recession resistant economy and a large daytime employment base. 

"Additionally, its resident population, that ranks among the most highly educated in the country, has a high level of disposable income and a very strong desire to spend locally.”

University Mall is well situated at the intersection of Route 15/501 (North Fordham Blvd.) and South Estes Drive. Route 15/501 is a major thoroughfare and provides direct access to Durham, NC to the northeast and Pittsboro to the south.

Mark Remington and Jordan Lex of HFF arranged the financing.

 Learn more about PCCP at http://www.pccpllc.com/.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

CRE Show: U.S. Retail Real Estate Market on the Road to Recovery

ATLANTA (Jan. 23, 2012) – The Great Recession left the retail real estate market ailing, but the sector exhibited some significant signs of health last year and should continue to recover in 2012.

 Guests of the most recent episode of the “Commercial Real Estate Show” provided those observations and others in a detailed look at the market.

Topics included retail spending, investment sales activity, landlord-tenant negotiations and the growth of Smashburger, an award-winning, fast-casual restaurant chain.

On a chain-store basis, retail spending grew by 4.7 percent in 2011 when compared to the year before, according to Michael Niemira (top right photo), chief economist for the International Council of Shopping Centers. The growth was the largest since 1999, but Niemira qualified the rise by noting it was fueled to a large degree by price increases implemented by retailers grappling with inflation in their supply chains.

 Chain-store sales should increase by 3 percent in 2012, Niemira said. “In many respects, [that] is a better number because the inflationary pressures are receding,” he added.

Investment sales of retail properties also grew substantially in 2011. Such transactions totaled about $47 billion last year – almost double 2010’s figure of $24 billion, said Kevin Imboden, senior market analyst for Real Capital Analytics, who added his firm hasn’t finalized the 2011 figures yet.

 “A lot of investors are looking for new opportunities,” Imboden said. “I think there might be a little bit of a conservative element too because a lot of the centers that were selling were grocery-anchored strip centers … Everyone needs to go to those centers.”

 Max Sheets (middle left photo), senior vice president of real estate for Smashburger, said his firm concentrates on what he calls “A+” real estate – meaning the site features high traffic counts, has big-box retailers nearby and is in an area where the household incomes are $60,000 or more. The rents for such locations have risen above their pre-recession levels, Sheets noted. “Thankfully, what I’m starting to see is construction start again,” he said.

 Jonathan Neville (middle right photo), a partner with the Arnall Golden Gregory law firm, said retail tenants are now frequently trying to negotiate self-help provisions into their leases to allow them to recover the expense of property repairs and maintenance they undertake in the face of landlord inaction.

 Such negotiations often feature “an argument as to how you get your money back, whether you can offset rent, whether you just send a bill to the landlord and hope they pay it, or whether you have to go to court,” Neville said.

 Self-help provisions are easier for big, national tenants to get, Neville added.

 To learn more about the U.S. retail real estate market, listen to the whole show, which is available for download here.

 The next “Commercial Real Estate Show” will be available Jan. 25 and will provide an update on the U.S. industrial market.

 Contact:

Stephen Ursery

 Wilbert New Strategies

sursery@wnspr.com